Stratasys Ltd., a maker of printers that can create three-dimensional objects, agreed to buy MakerBot Industries LLC for at least $403 million, acquiring a startup competitor in the nascent industry.
Stratasys will initially issue about 4.76 million of its shares in exchange for MakerBot, according to a statement Wednesday. That will be followed by performance-based payments that could add $201 million to the purchase price, Stratasys said.
MakerBot, a Brooklyn, New York-based company founded in 2009, has sold more than 22,000 3-D printers – devices that are increasingly popular among engineers, designers and manufacturers. The acquisition, slated to close in the third quarter, will let Stratasys sell more affordable models than it currently offers.
“Partnering with Stratasys will allow us to supercharge our mission to empower individuals to make things using a MakerBot, and allow us to bring 3-D technology to more people,’’ MakerBot Chief Executive Officer Bre Pettis said in the statement.
MakerBot posted $11.5 million in revenue in the first quarter, compared with $15.7 million for all of 2012, according to the statement.
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